CAC 40 Rebounds As Norway Strike Called Off
(RTTNews) - French stocks advanced on Wednesday and natural gas prices fell sharply, as an end to strike by Norwegian oil and gas workers eased worries of energy supply crunch.
A major energy crisis in Europe has been averted for now after the Norwegian government reportedly intervened to resolve the dispute over pay.
The benchmark CAC 40 rose 60 points, or a little over 1 percent, to 5,855 after declining 2.7 percent on Tuesday.
Among the top gainers, Capgemini, Essilor Luxottica, Airbus Group, Alstom, Dassault Systemes and L'Oreal jumped 2-3 percent.
Car parts maker Faurecia slumped 6.7 percent after Barclays double-downgraded its rating on the stock to "underweight."
Banks declined, with BNP Paribas, Credit Agricole and Societe Generale falling 1-3 percent.
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